(5)If a Liquidator fails to comply with any of the requirements of this section, he shall be punishable with fine which may extend to [five thousand rupees] [ Substituted by Act 53 of 2000, Section 210, for " five hundred rupees" (w.e.f. 13.12.2000).] for every day during which the failure continues:[Provided that if the Liquidator makes wilful default in causing the statement referred to in sub-section (1) to be audited by a person qualified to act as auditor of the company, the Liquidator shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to [ten thousand rupees] [ Inserted by Act 65 of 1960, Section 190 (w.e.f. 28.12.1960).],[or with both.] [ Inserted by Act 65 of 1960, Section 190 (w.e.f. 28.12.1960).][ Inserted by Act 31 of 1988, Section 56 (w.e.f. 15.6.1988).]
